NBIS Options History — December 2025

In December 2025, NBIS traded between $76.14 and $102.47. ATM implied volatility averaged 84.9%, placing in the 28.9% IV rank vs the trailing year. The 30-day expected move averaged 24.7%. IV traded below realized volatility by 2.6% (HV 20d: 87.6%). Max pain ranged from $46.00 to $100.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.58.

Notable Days

2025-12-19: Highest Volume — 151,909 contracts
2025-12-31: Largest IV drop — 7.1% change
2025-12-04: Highest IV Rank — 37.5%
2025-12-02: Largest Expected Move — 27.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$90.66	$76.14	$102.47	$101.24	$83.53
Max Pain	$58.91	$46.00	$100.00	$100.00	$60.00
ATM IV	84.9%	75.5%	91.0%	88.5%	75.5%
Expected Move	24.7%	21.7%	27.3%	27.0%	21.7%
HV 20d	87.6%	76.1%	100.6%	100.6%	76.1%
HV 60d	88.3%	83.0%	116.1%	115.8%	86.2%
IV Rank	28.9%	15.6%	37.5%	33.9%	15.6%
IV Percentile	28.1%	10.7%	46.4%	36.9%	10.7%
Term Structure	1.5%	-4.0%	7.2%	-1.6%	7.2%
VWIV	86.2%	75.6%	95.4%	95.4%	75.6%
Skew 25d	3.7%	-3.7%	10.8%	7.2%	4.3%
Skew 10d	8.0%	2.5%	19.1%	11.3%	6.2%
Call IV 25d	83.2%	75.4%	91.1%	83.2%	75.4%
Put IV 25d	86.8%	79.4%	93.7%	90.3%	79.7%
Bid-Ask Spread %	37.22	9.64	61.62	17.95	9.64
Gamma HHI	0.05	0.04	0.17	0.05	0.04
Net GEX	9.3M	-3.0M	23.9M	15.0M	2.1M
Net DEX	-1.52B	-2.32B	-593.9M	-2.12B	-1.11B
Net VEX	-8.7M	-9.7M	-7.5M	-9.6M	-8.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.34	0.91	0.49	0.51
Total Volume	71,614.727	18,816	151,909	81,636	44,746
Total OI	771,800.273	711,425	823,503	738,049	744,579

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$101.24	$100.00	88.5%	27.0%	100.6%	33.9%	95.4%	7.2%	-1.6%	15.0M	-2.12B	-9.6M	0.49	17.95	N/A	N/A	54,781	26,855	454,927	283,122
2025-12-02	$97.45	$99.00	85.4%	27.3%	97.1%	29.6%	95.2%	-3.7%	7.1%	15.0M	-1.94B	-9.4M	0.67	21.49	N/A	N/A	35,794	23,963	473,318	292,512
2025-12-03	$97.95	$100.00	90.2%	26.9%	93.8%	36.4%	94.7%	9.2%	1.8%	15.5M	-1.92B	-9.4M	0.41	18.86	N/A	N/A	38,699	15,860	483,315	306,247
2025-12-04	$102.47	$46.00	91.0%	26.1%	93.6%	37.5%	89.9%	10.8%	-1.1%	23.9M	-2.32B	-9.7M	0.80	53.27	N/A	N/A	52,137	41,674	488,101	310,617
2025-12-05	$98.31	$46.00	89.6%	25.9%	91.9%	35.5%	89.8%	2.4%	0.5%	17.1M	-1.96B	-9.4M	0.45	58.95	N/A	N/A	58,116	26,258	494,700	317,185
2025-12-08	$99.72	$46.00	90.7%	25.7%	92.0%	37.0%	88.8%	8.3%	-1.2%	13.8M	-2.00B	-9.3M	0.34	53.14	N/A	N/A	41,265	13,981	465,335	288,476
2025-12-09	$96.93	$46.00	87.0%	26.0%	92.3%	31.8%	89.2%	1.4%	4.4%	12.3M	-1.82B	-9.1M	0.64	52.63	N/A	N/A	26,326	16,886	477,649	295,076
2025-12-10	$94.38	$46.00	85.8%	25.3%	86.5%	30.1%	88.0%	1.6%	3.8%	8.1M	-1.62B	-8.9M	0.41	61.62	N/A	N/A	38,655	15,944	482,017	303,664
2025-12-11	$94.57	$47.00	85.3%	25.1%	83.7%	29.4%	87.2%	0.5%	1.8%	5.8M	-1.60B	-8.9M	0.43	58.99	N/A	N/A	57,551	24,534	488,174	310,650
2025-12-12	$88.42	$47.00	88.0%	24.9%	84.5%	33.2%	87.7%	1.9%	-1.9%	-3.0M	-1.16B	-8.4M	0.73	59.53	N/A	N/A	51,623	37,563	495,645	316,170
2025-12-15	$81.27	$49.00	89.1%	25.5%	87.6%	34.8%	90.8%	3.7%	-1.3%	241.0K	-856.7M	-7.9M	0.45	55.59	N/A	N/A	77,893	34,796	463,815	292,259
2025-12-16	$80.66	$49.00	85.4%	24.5%	87.5%	29.5%	86.3%	4.4%	3.1%	-1.1M	-798.2M	-7.8M	0.74	53.29	N/A	N/A	43,711	32,278	470,722	302,569
2025-12-17	$76.14	$50.00	88.4%	25.4%	84.3%	33.9%	88.3%	4.0%	-4.0%	-1.2M	-593.9M	-7.5M	0.89	50.88	N/A	N/A	56,345	50,228	481,095	309,308
2025-12-18	$78.52	$55.00	85.3%	24.4%	84.0%	29.3%	84.7%	4.4%	0.8%	-1.1M	-759.1M	-8.0M	0.85	46.60	N/A	N/A	44,369	37,581	498,661	319,144
2025-12-19	$90.03	$55.00	84.5%	24.3%	91.0%	28.3%	86.0%	4.0%	2.1%	22.4M	-1.74B	-8.9M	0.42	22.02	N/A	N/A	107,334	44,575	510,214	313,289
2025-12-22	$93.14	$55.00	81.9%	23.3%	91.2%	24.6%	81.8%	5.3%	1.3%	16.1M	-1.82B	-9.1M	0.42	22.89	N/A	N/A	65,368	27,321	443,769	278,101
2025-12-23	$90.02	$60.00	78.8%	22.6%	85.3%	20.2%	79.9%	0.9%	2.4%	12.3M	-1.59B	-8.9M	0.70	24.43	N/A	N/A	27,435	19,135	462,518	288,232
2025-12-24	$90.92	$60.00	78.2%	22.6%	84.1%	19.4%	80.3%	4.2%	0.4%	13.1M	-1.65B	-9.0M	0.54	22.57	N/A	N/A	12,194	6,622	465,594	297,333
2025-12-26	$87.52	$60.00	78.2%	22.5%	81.2%	19.4%	78.8%	-0.0%	0.9%	6.4M	-1.41B	-8.6M	0.50	19.28	N/A	N/A	34,718	17,510	468,903	299,092
2025-12-29	$86.16	$60.00	80.2%	23.0%	81.3%	22.1%	80.0%	2.1%	6.0%	7.2M	-1.34B	-8.4M	0.91	21.33	N/A	N/A	28,159	25,483	435,698	275,727
2025-12-30	$85.16	$60.00	81.3%	22.5%	76.7%	23.7%	78.5%	3.8%	0.8%	4.8M	-1.24B	-8.2M	0.54	13.87	N/A	N/A	25,550	13,708	440,451	291,633
2025-12-31	$83.53	$60.00	75.5%	21.7%	76.1%	15.6%	75.6%	4.3%	7.2%	2.1M	-1.11B	-8.1M	0.51	9.64	N/A	N/A	29,685	15,061	447,207	297,372